Apple Now Has More In Its Coffers Than The US Government – Report

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Apple now has more money on hand than the whole U.S. government, a report from Digital Trends note.

Marcin Wichary / Flickr (CC BY)According to the report, the U.S. Treasury reported cash on hand as of July 27 to be $73.768 billion whih is $2.388 billion less than Apple’s $76.156 billion.

The report says that it’s obvious how Apple has become currently richer than the whole U.S. government.

“Apple makes more money than it spends while the US government spends more than it generates in tax revenue,” the publication reports. “In other words, Apple is doing a really good job at running itself, while the federal government is not.”

Last week, Apple reported a stellar performance for its fiscal third quarter reporting a revenue of $28.6 billion which is nearly double its $15.7-billion revenue for the same quarter last fiscal year.

The company also reported a net profit of $7.31 billion, or $7.79 per share in contrast to $3.25 billion, or $3.51 per share for the same period last year.

Net profit for the company more than doubled for the just-ended quarter. Apple shares also recently breached the $400 mark.


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Author: Solon Harmony Dolor

A passion for technology and journalism makes this upcoming writer very interested in social media and technology news. Fresh from finishing an English and Journalism degree from the University of the Philippines Diliman, he aims to bring interesting news to our readers . Don't forget to subscribe and receive our latest posts in your inbox.

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